Interesting topic. I think there is some merit to what you are saying, for example in the last few years I've started caring about quality PC cases, so spending ~80-90E doesn't seem as ridiculous as it did to me a few years ago.
As far as the rest of the hardware goes, I used to have really shitty PCs built for me by others until I started studying the industry, reading in-depth reviews and going online on fora.
Around early 2004 for example, my dad bought me this system to replace my aging Celeron 900:
Celeron 2.4GHz
256MB DDR RAM
QDI Superb 4FX
Pixelview GeForce FX 5600 XT
El Cheapo PSU + Case and whatever else
These were mostly shitty parts from day 1, let alone in early 2004. Let's take a look at them indepth:
-CPU
This was a Northwood core, but with a mere 128KB L2 Cache. This utterly killed performance, now matter the frequency. They released the Celeron D a while later, with 256KB cache and it was much much faster. At least, the CPU was dirt cheap, but buying a socket 754 or even socket A Sempron, would not only have been cheaper but also much faster. This Celeron was really terrible, probably as much of a dog as the early Willametes, I wouldn't expect it to be faster than them.
-Motherboard
SiS based. I hated SiS with a passion. This was probably not that cheap a purchase either. I'm sure there were other, even Intel based, boards out there at a similar price point.
-GPU
The icing on the cake. I consider the FX cards the worst GeForce generation for Nvidia, ever. There was the FX 5600 which was slower than a Ti 4200. The Ultra variant was more on par, but still, a pretty shitty purchase.
Now the XT, unlike ATi at the time, signified a cutdown version. Mine was severely underclocked and I could never ramp up the clocks significantly.
As a result, the 5600 XT performs worse than a FX 5200! And I know this one did not come cheap, certainly above the 100E mark. I could have easily got a much superior Radeon 9600 for that kind of money, which was just miles better.
My dad, while generally tech-savvy, has never really spent much time studying benchmarks, reviews and all that, so he got whatever seemed right at the time for his young son. I was just a kid that wanted to play games anyway. And yet, with a little research, I could have got a far superior system and probably paid the same amount of money or even less.
I always remember systems like these with a lot of remorse. As such, I think these stories/events have influenced me far more into researching and always buying what is the best bang for the buck. As such, I'm not going to spend any money on a new system at the moment.
AMD has to get their game on, DDR4 has to become mainstream and GPUs have to go below 28nm. When all three occur, I'll drop some $$ to get something amazing 😊 .